Norwegian Cruise Line Holdings is committed to achieving net zero greenhouse gas emissions by 2050.
The “net zero emissions” objective applies to all of its operations and its value chain and reinforces its commitment to decarbonizing its activities.
Norwegian Cruise Line Holdings publishes the first TCFD report (Task Force on Climate-related Financial Disclosures), a working group on the company’s climate-related financial disclosures.
Norwegian Cruise Line Holdings, one of the world’s leading cruise companies operating Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, is stepping up its efforts to preserve the environment with the ambition of net zero emissions by 2050 in all of its activities and its value chain. The company is also committed to developing short-term greenhouse gas (GHG) reduction targets in order to achieve net zero emissions. Additionally, the company released its first TCFD (Task Force on Climate-related Financial Disclosures) report which provides essential transparency to its stakeholders.
Frank Del Rio, President and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd, said: “Going to net zero emissions will be key for our business. The scope of net zero extends across our entire value chain as we want to engage our key partners, including our extensive network of global suppliers, to support us in this transformation.
Although the path forward will be complex and will involve knowing how to collaborate, innovate and advance technologically, we are committed to contributing to the transition to a low-carbon economy. »
Norwegian Cruise Line Holdings’ new climate commitments reinforce its current environmental strategy, which is built around three key focus areas:
- Reducing carbon intensity
- Investment in technology and the study of alternative fuels,
- The implementation of a voluntary carbon offset program.
The company will continue to invest in reducing emissions beyond its fleet, working closely with partners to identify best practices and accelerate decarbonization efforts. Last year, the Company committed to purchase 3 million metric tons of carbon dioxide equivalent (MTCO₂e). The development of alternative fuels, as well as the support of associated infrastructure within destinations, helps to achieve the goal of “net zero emissions”. As such, the company is committed to building partnerships, conducting research and leading discussions to identify an appropriate alternative fuel source. The company actively engages with partners, including engine manufacturers and classification societies, in planning a safe and efficient upgrade of methanol engines.
The company also released its first TCFD report today. As part of this process, the company has engaged teams across the organization to perform an in-depth climate risk review and identify priority climate-related risks. A scenario analysis was then carried out to estimate the impact of sea level rise and the cost of carbon, the main physical and transitional risks to society identified by the screening, under different hypothetical climate scenarios. Using the results of the assessment, the company continues to align its risk management and strategic planning processes with the challenges of climate change. 2021 TCFD Report, click here.
Jessica John, Vice President, Investor Relations, ESG & Corporate Communications at Norwegian Cruise Line Holdings Ltd., said: “The release of our first TCFD report demonstrates our commitment to continuously improve and expand our environmental, social and governance (ESG) to provide additional transparency to our stakeholders.
We also published last summer our first comprehensive ESG report and the first Sustainability Accounting Standards Board (SASB) index in the cruise sector. We are therefore focused on improving our resilience and the results of our climate assessment will help us to further integrate environmental risks into our strategy and decision-making processes. »